Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer this for me. Thank youu Problem 9 On January 1, 2018, enigma Company sold an equipment costing P500,000 which had a carrying amount

Please answer this for me. Thank youu

image text in transcribed
Problem 9 On January 1, 2018, enigma Company sold an equipment costing P500,000 which had a carrying amount of P350,000, receiving a P125,000 down payment and, as additional consideration, a P400,000 noninterest bearing note due on January 1, 2021. There was no established exchange price for the equipment, and the note had no ready market. The prevailing rate of interest for a note of this type at January 1, 2011 was 12%. The present value of 1 at 12% for three periods is 0.7118. Required: Prepare all journal entries for 2018, 2019, 2020 and 2021. Problem 6 An entity sells goods for P150,000 to a customer who was granted a special credit period of 1 year. The entity normally sells the goods for P120,000 with a credit period of one month or with a P10,000 discount for outright payment in cash. Compute for the initial measurement of the receivable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Jamie Pratt, Michael F Peters

11th Edition

1119745322, 978-1119745327

More Books

Students also viewed these Accounting questions

Question

=+e) Are there eight points in a row on the same side of the mean?

Answered: 1 week ago

Question

What is cultural tourism and why is it growing?

Answered: 1 week ago